Steps for opening a trade based on S&D
Steps for opening a trade based on support and resistance
- Mark support and resistance on the chart by spotting peaks and trough around the same price level
- wait for price bounce from support level / or rejecting from resistance (reversal candlestick would be favoured)
- place your stop loss under the support level and take profit below resistance level in case of Buy / place your stop loss above the support level and take profit above resistance level in case of Sell
-Calculate your lot size depending on your capital risk ratio and stop loss pips
(example if you are risking 5% of 1000$ so you are risking 50$, and if your stop loss is 50 pips so your lot size is 0.1)
bear in mind your R:R ratio "risk to reward" so if you are risking 5% then you should target 10% profit of your capital
- Mark support and resistance on the chart by spotting peaks and trough around the same price level
- wait for price bounce from support level / or rejecting from resistance (reversal candlestick would be favoured)
- place your stop loss under the support level and take profit below resistance level in case of Buy / place your stop loss above the support level and take profit above resistance level in case of Sell
-Calculate your lot size depending on your capital risk ratio and stop loss pips
(example if you are risking 5% of 1000$ so you are risking 50$, and if your stop loss is 50 pips so your lot size is 0.1)
bear in mind your R:R ratio "risk to reward" so if you are risking 5% then you should target 10% profit of your capital
Signals and analysis derived from artificial intelligence models and experts
ChartDepth.com?utm_source=tradingview
play.google.com/store/apps/details?id=com.chartdepth.ai
apps.apple.com/gb/app/chartdepth/id1560762940
ChartDepth.com?utm_source=tradingview
play.google.com/store/apps/details?id=com.chartdepth.ai
apps.apple.com/gb/app/chartdepth/id1560762940
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